Home Economy PSE says Holcim to be delisted on Nov. 27

PSE says Holcim to be delisted on Nov. 27

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LISTED construction material supplier Holcim Philippines, Inc. is set to be officially delisted from the local bourse on Nov. 27, stock market operator Philippine Stock Exchange, Inc. (PSE) said.   

PSE said it had approved Holcim’s petition for voluntary delisting and accordingly ordered the delisting of the company’s shares from the PSE’s official registry effective Nov. 27, based on Memorandum CN – No. 2023-0064 dated Nov. 17 posted on the PSE website. 

Holcim’s stockholders approved the voluntary delisting plan on Sept. 22 while its board of directors gave the go-signal on June 29. 

The PSE suspended the trading of Holcim shares when Holderfin B.V. bought 594.95 million common shares or 9.22% of the company’s outstanding capital stock from Sumitomo Osaka Cement Co., Ltd.

As a result, Holcim’s public float fell to 5.05%, or below the minimum requirement for listed firms. Holderfin conducted a tender offer for 325.58 million of Holcim’s issued and outstanding common shares at P5.33 apiece.

Holcim posted a P164.33-million net income in the third quarter, a reversal of the P173.47-million net loss last year. The company’s net sales from July to September fell 21% to P5.5 billion from P6.94 billion a year ago. 

Based on its website, Holcim has cement manufacturing facilities in La Union, Bulacan, Misamis Oriental, and Davao, as well as aggregates and dry mix business and technical support facilities for building solutions. — Revin Mikhael D. Ochave

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